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Saturday, May 13, 2017

Bitcoin Price Calm Before the Storm?

After a 2 month rally leading to all time high prices, Bitcoin has finally reached an equilibrium. The price has been bouncing between $1500 and $1600 since Friday, and as Monday came along it seems that the market is still unsure of its next move. Some of the pullback may attributed to Ripple’s exceptional rise in the past couple days as its market cap reached $8.3 billion – almost as big as its closest competitor Ethereum.

No one is sure why Ripple’s price has more than tripled in the past week rising from a price of $0.05 to more than $0.22. Kiritoflash from reddit claimed:

"Well, over $4,000,000,000 (Four-Billion Dollars) was put into Ripple in the past week [] That is a lot of money to invest."

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